WU Signs Pact with Myanmar Banks - Analyst Blog
January 15 2013 - 7:50AM
Zacks
World’s leading money-transfer company, Western Union
Co. (WU), has announced the introduction of its
international money-transfer service in Myanmar. The company will
provide this service through an alliance with 6 banks that operate
in that region.
The 6 banks include, Co-operative Bank, First Private Bank, Myanmar
Apex Bank, Myanmar Livestock and Fisheries Development Bank,
Myanmar Oriental Bank and United Amara Bank. Apart from these
banks, Kanbawza Bank, the largest private bank in Myanmar with over
90 locations nation-wide, has also entered into an agreement with
Western Union.
Western Union’s initiative to foray into Myanmar, a South-East
Asian country, follows the withdrawal of investment and trade bans
in the country by the U.S., European Union and Australia. The
company believes that Myanmar holds attractive market
opportunities. It is estimated that more than 2 million residents
will be employed in foreign countries, which in turn will likely
generate demand for the expatriate Myanmarese to remit funds back
home.
Western Union has collaborated with these 6 banks as these banks
have been operating for a long time and have successful operations
in the country. These banks have a combined network of more than
150 locations and will provide an easy reach to a local clientele.
Western Union’s money-transfer service will now enable Myanmarese
to send money back home securely and at a reasonable cost.
The recent introduction of international money-transfer service in
Myanmar is a testimony that Western Union is aggressively expanding
internationally.. Rival MoneyGram International
Inc. (MGI) is also expanding its international presence.
Mention about any such recent expansion.
Western Union currently retains a Zacks Rank #3 (Hold). We are also
maintaining our long-term Neutral recommendation on its shares.
MONEYGRAM INTL (MGI): Free Stock Analysis Report
WESTERN UNION (WU): Free Stock Analysis Report
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